Dubbed 475 Royal Palm, the planned condo complex and accompanying underground parking garage will be built on an office complex on Palmetto Park Road and Southeast Fifth Avenue, just west of the waterfront Silver Palm Park.

The three-tower, 48-unit luxury condominium complex will replace a surface parking lot just south of Morgan Stanley’s Boca Raton headquarters. Underground parking will be shared by Morgan Stanley employees and residents of the condo complex.

Boca Raton’s Community Redevelopment Agency praised the development as a beautiful addition to downtown Boca Raton, although one member - Councilwoman Andrea O’Rourke - approved the project with reservations about parking and the addition of students to Boca Raton’s already crowded schools.

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Group P6 — a Boca Raton firm headed by Ignacio Diaz, his wife and his brother-in-law, all from Venezuela — are the developers. They also built 327 Royal Palm, a 25-unit condo just south of Palmetto Park Road in downtown Boca.

475 and 327 Royal Palm are two projects in wave of residential developments in Boca Raton’s booming downtown. The city also has approved:

A high-rise condo complex called Ocean Palm, at Palmetto Park Road and Ocean Boulevard, on the barrier island.

“The congestion is getting worse and worse,” Verstandig said of Southeast Fifth Avenue. The developers plan to place speed bumps near the project to slow down traffic.

The Boca board approved the project unanimously with the condition that a voluntary impact fee be paid to the Palm Beach County School District, and that the money specifically go to Boca Raton schools. The exact fee will be suggested by the school district when developers seek permits for the project.

Nearly all of Boca Raton’s public schools enroll more students than they are built to hold. The district is working on solutions to apparent crowding, including adding “portable classrooms” to some schools and rebuilding and expanding others.